it's rated down the list on USNEWS but generally I've found the USNEWS rankings to be an incredibly meaningless numbers. Of course top-tier schools are the most difficult to get into (Iv's/caltechs/MIT's etc.) but when you get to 2nd level schools like Brandeis and Boston University and such and such it is really difficult to say how much easier to get in it is. Clearly it is somewhat easier. Still, these schools are very competitive. You will need a strong application to have a high probability of acceptance, to pretty much everywhere you apply.
I think it's physics program is quite excellent, though in recent years alot of their new faculty hires are Biophysics people and many of their faculty who were pure physics have also moved into biophysics (possibly because this is where the grant money is these days, I'm not sure why)